South Plainfield, N.J.-based Petra Solar Inc., a developer of pole-mounted smart grid and solar systems for utilities, has raised $40 million in funding for expansion. Two new investors, Craton Equity Partners and Espirito Santo Ventures, led the latest round, with 100% participation from existing investors Element Partners, Blue Run Ventures, OnPoint Technologies (U.S. Army's Venture Fund) and Kuwait's National Technology Enterprises Co.
Petra Solar will use the new round of financing to expand its customer base, with plans to hire another 30 executive and professional employees immediately. By the end of this year, the company expects to employ 165 people, a tenfold increase from its base of 15 last spring.
The company also plans to expand its product line to address new applications and market segments that leverage its Smart Energy Module platform, which integrates utility-grade power management, smart grid communications and grid availability features into a single system.
SOURCE: Petra Solar Inc.